haracteristics and accounting principles an letter of each with the appropriate

Question

haracteristics and accounting principles an letter of each with the appropriate phrase that states its ilems a through k may be used more than once or not at all) a. Economic entity assumption b. Going concen assumption e. Monetary unit assumption d. Periodicity assumption g. Expense recognition principle h. Full disclosure principle i. Relevance characteristic j. Faithful representation e. Historical cost principle f. Revenue recognition principle characteristic k. Consistency characteristic 1. Stable-dollar assumption (do not use historical cost principle) The performance obligation is satisfied. 3. Nu 2. mbers and descriptions match what really existed or happened. Yearly financial reports s. Accruals and deferrals in adjusting and closing process.(Do not use going concern.) 6. Useful standard measuring unit for business transactions. 7. Notes as part of necessary information to a fair presentation. 8. Affairs of the business distinguished from those of its owners. 9. Company assumed to have a long life. 10. Valuing assets at amounts originally paid for them. 11. Application of the same accounting principles as in the preceding year. 12. Summarizing significant accounting policies. 13. Presentation of timely information with predictive and confirmatory valu

Explanation / Answer

Answer:

From the given data Match the letter of each with the appropriate phrase that states its application.

Matched information characteristics and accounting principles and assumptions 1 Stable-dollar assumption Monetary unit assumption 2 The performance obligation is satisfied. Revenue recognition principle 3 Numbers and descriptions match what really existed or happened Faithful representation characteristic 4 Yearly financial reports. Periodicity assumption 5 Accruals and deferrals in adjusting and closing process Expense recognition principle 6 Useful standard measuring unit for business transactions. Monetary unit assumption 7 Notes as part of necessary information to a fair presentation Full disclosure principle 8 Affairs of the business distinguished from those of its owners. Economic entity assumption    9 Company assumed to have a long life Going concern assumption   10 Valuing assets at amounts originally paid for them. Historical cost principle 11 Application of the same accounting principles as in the preceding year Consistency characteristic 12 Summarizing significant accounting policies Full disclosure principle 13 Presentation of timely information with predictive and confirmatory value Relevance characteristic

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